Pviews,the market is harsh in its assessment of businesses...

Pviews,

the market is harsh in its assessment of businesses today.

There have been many stocks trading for less than cash holdings. I held Peptech (PTD), renamed Arana (AAH)for years, they had a greater cash balance than their share price reflected...more importantly they owned royalty to some of the largest blockbuster drugs developed and marketed by the worlds largest pharmaceutical companies.

Finally last year the take over came....still completely discounting the value of the royalty....and shareholders were just happy to get some cash back, and sold out to Cephalon.

Yesterdays report estimates FUM will be $535m.....that is too low for them to make money...look at the head count.....they need a distribution strategy, and unfortunately I dont believe they have one.

Good luck with your investment.

Kiril.